JPMorgan Sees 3,000 More Job Cuts in Card, Mortgage UnitsSteve Dickson
JPMorgan Chase & Co., the biggest U.S. bank, said it’s on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit-card divisions.
The company expects about 4,000 reductions in its card, merchant-services and auto unit, up from about 2,000 previously announced, the New York-based bank said today in a Web presentation. Mortgage banking will achieve about 7,000 reductions, compared with a prior forecast of about 6,000.
Competitors including Wells Fargo & Co. and Bank of America Corp. have also been dismissing workers as refinancings that banks relied on to fuel profits decline. In February, JPMorgan said staffing cuts for the two divisions would total 8,000.
JPMorgan is also cutting hundreds of technology-support jobs in its corporate and investment bank as revenue declines, people with knowledge of the move said in July.